An sS Model with Adverse Selection
构建了一个二手耐用品市场模型，其中代理人的调整成本取决于逆向选择程度，发现sS区间随冲击方差增大而收缩，且随耐用品老化，柠檬问题减弱、sS区间收缩。
We present a model of the market for a used durable in which agents face fixed costs of adjustment, the magnitude of which depends on the degree of adverse selection in the secondary market. We find that, unlike typical models, the sS bands in our model contract as the variance of the shock increases. We also analyze a dynamic version of the model in which agents are allowed to make decisions that are conditional on the age of the durable. We find that, as the durable ages, the lemons problem tends to decline in importance, and the sS bands contract.